How many of us have thought, If I just had a million dollars, I’d be all set? And, coming into a million dollars can solve our immediate money woes. It could pay off our credit card debt, our student loan debt, our mortgage, our auto loan, or help a few family members, but would getting a large amount of money create financial sustainability?
Consider people who have won millions of dollars in the lottery or celebrities who become rich only to file for bankruptcy a few years down the road. In 2007 a gambler became national news by losing $127 million in Las Vegas casinos over a year. He was reported to play on the slot machines for 24 hours at a time and would give Tiffany gift cards or $100 coins to bartenders, security guards and hotel employees. In both of these scenarios, money did not end these people’s poverty or help them reach their financial goals.
They were in great need of money management skills and expert financial counseling. With savings of over a million dollars, with good investments and careful money management, it’s possible to live life economically without having to work anymore.
What would you do with a million dollars? Would you go on a tour of the world, buy a prestigious car or a big house? Even though you may be able to afford to buy an expensive car or a house, you may not be able to maintain them. Consider the years of cost you’ll have to pay for car repairs on rare vehicles and the extraordinary taxes, home repair and landscaping costs on your prize property.
As a credit counselor I’ve seen many clients come to my office for assistance with debt management. Clients who make $2,500 per month tell me that they would be just fine if they could just make $3,500 per month. Clients making $3,500 per month say they would not have financial problems if they could just make $4,500 per month. On the other hand, I see people who were making $2,500 a month who have children, money in the bank and are current on their mortgage. The difference was not how much money they made but how well they managed their money.
Money alone will not end your financial problems. No matter your income, wise money management will help you reach your financial goals. Talk to a credit counselor at a consumer credit counseling service like Clearpoint to get started.
In a free credit counseling session, you will receive a money management booklet to help you get on your way.
In addition, our website contains many articles on various money management topics. Your local library, too, is an inexpensive resource to learn about personal finance matters.
What would you do to protect your $1 million investment?
Call to speak with a credit counselor or get started now online.